Wholesale electricity prices continued their decline in August compared to prices last year, according to the latest report published by the Single Electricity Market Operator (SEMO).
SEMO operates the wholesale market for electricity on the island of Ireland.
Its figures show that, in the year to end of August, the daily average price for wholesale electricity was 46% lower than over the same period in 2022.
Prices in August were 73% lower than in August last year.
However prices ticked up 11% in August compared to July.
Average prices have trended lower than 2021 prices since mid-summer, although they remain higher compared to prices in 2019 and 2020.
This morning Flogas became the latest energy company to announce a price cut for customers, following announcements by Prepay Power, Energia, Electric Ireland and SSE Airtricity.
Earlier this week the country’s main energy suppliers were told by Government that they had to go further with the price reductions they were offering to consumers.
The message was delivered at a meeting between Taoiseach Leo Varadkar and Minister for the Environment, Climate and Communications Eamon Ryan, and representatives of Electric Ireland, Bord Gáis Energy, Energia and SSE Airtricity.